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What you need to make it Legal when loaning money.
Promissory Note + 2+ Signatures
​With a Promissory Note, you can outline all of the terms and conditions of the loan, before the money changes hands.

    Promissory Note

    ​What is the loan amount and starting date?

    Please enter the principal amount of the Note, which is the amount of debt or loan, not including interest, and the date the Promissory Note begins between the parties. Note: this is NOT the date payments begin. You'll enter that later.
    $0.00
    Select the option that best describes the party being loaned money (i.e. the "Borrower").

    Who is borrowing the money?

    Ex.  Brian Blackwell, PO BOX 53180, Lubbock, TX 79453
    Select the option that best describes the party being loaned money (i.e. the "Lender").
    Ex: UPNIN Inc., PO BOX 53180, Lubbock, TX 79453
    Interest is a fee paid by borrower to Lender, typically expressed as a percentage of the principal amount borrowed. NOTE: If you select "No," an amortization (i.e. repayment) schedule will not be generated in this Promissory Note.

    If Yes, Whats the interest rate the borrower will pay?

    Please enter the interest rate (ex: 8.25) and the date when interest charges and repayment begin calculating. The first loan payment is due exactly one month from the Beginning date.
    The "default rate" is the interest rate charged to borrower if the Promissory Note is not paid by the due date. Example: 10.5.
    Please select the option that best represents the repayment agreement between UPNIN Inc and Brian Jones. See the help provided for more information.

    What are the details of the repayment agreement?

    Enter the number of payments required for the loan, as well as the frequency of payments. Example: For monthly payments over a three-year period, enter 36 (12 months x 3 years) monthly payments.
    If you desire a balloon payment (a large sum of money due at the end of the term of the loan to decrease scheduled payments), also enter the dollar amount of the final balloon payment. We'll adjust the installment payment amount, based on the amount that you enter as the balloon payment.
    An amortization schedule lists the principal and interest installment payments over a period of time.
    This is the dollar amount that will be charged each time an installment payment is not made within the grace period. The grace period will be addressed in the next question.

    When will the late fee be charged?

    The grace period is the number of days that may pass before a late fee will be charged to borrower.
    A discount is used to encourage borrower to pay off the Note before the final due date.

    If Yes, What is the date the Promissory Note needs to be paid by to receive the discount?

    The "paid by" discount date should be prior to the due date specified earlier. The discount is a percentage of the final payment. Example, if you state Brian Jones is entitled to a 30% discount for paying off the Promissory Note early, Brian Jones's final payment would be $140.00 on an unpaid balance of $200.00.
    "Without penalty" means that lender cannot charge borrower a fee or try to collect additional funds from borrower trying to pay off the loan early. For more information, see the help provided.
    If you select "Yes," you will need to take additional steps to secure the loan under the Promissory Note. We recommended you contact a lawyer in our UPNIN On call network to review.
    If borrower isn't using property to secure the note, select "None" as your answer.

    If loan is being secured, What is the Security Agreement borrower is using to secure repayment of the Promissory Note?

    Which state's laws apply to this Promissory Note?

    The state selected, which will govern any disputes, must have some connection to the Note, such as where one or both parties live.
    A Co-signer is a person or organization legally obligated to make payments if borrower fails to do so.

    If Yes, Who is co-signing this loan?

    For example: Mary Ryan or Allen Richards, XYZ Company. If an individual person is co-signing, leave the "Organization" field blank.

    Will lender be able to sell or transfer the loan to another party?

    The assignment option can be included to allow lender to transfer (e.g. sell) their right to receive the loan payments from borrower.  Borrower would then make payments to this new party rather than lender.
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  • Home
  • About Us
    • FOUNDER >
      • Brian Blackwell
    • CORE VALUES
    • CURRENT INVESTMENTS
    • IDEAL CLIENTS
    • BRAND AMBASSADORS
    • CAREERS
  • SERVICES
    • NEW BUSINESS PACKAGE
    • ADVERTISING
    • CONSULTING
    • FINANCING
    • LEGAL
    • INSURANCE
    • INVESTING >
      • REAL ESTATE INVESTING
      • REAL ESTATE DEVELOPMENT
      • RETIREMENT PLANNING
      • OIL & GAS
    • MEDIA
    • SPEAKING ENGAGEMENTS
  • Contact Us